19 January, 2020

China: China Resources Beer expects at least 30% full-year net profit increase

China Resources Beer expects full-year net profit to increase by at least 30 percent year-on-year, the Hong Kong Standard reported on January 20.

This is mainly attributable to the decline in impairment losses of fixed assets resulting from the implementation of production capacity optimization as compared with last year, cost savings from efficiency gains, the contribution from Heineken China since the completion of its acquisition in April 2019, as well as the absence of a one-off provision of its staff cost of 117 million yuan (HK$133 million) in 2018, the company said.

Shares of the beer maker once hit HK$41.60 before paring to HK$41.10 as of 1:440 pm, down 0.36 percent from the previous close.

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